Question

What is meant by economy?what are its different types?

Answer 1

Answer:

hope it helps you get answer

Answer 2

Answer:

An economy is a system whereby goods are produced and exchanged. Without a viable economy, a state will collapse.

There are three main types of economies: free market, command, and mixed. The chart below compares free-market and command economies; mixed economies are a combination of the two.

Based on the extent of ownership of resources, there are three main kinds of economies. These are capitalist economy, socialist economy and mixed economy.